JBT MAREL CorpJBTM
JBT MAREL Corp Segments Disclosure
NOTE 20. BUSINESS SEGMENTS
During the fourth quarter of 2025, the Company realigned its reportable segments to better reflect the continued integration of its operating model. Giving effect to the realignment, the Company operates through two reportable segments: Protein Solutions and Prepared Food and Beverage Solutions. The Company defines its segments based on which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (CODM) to analyze financial performance, make decisions and allocate resources. Prior year segment information has been recast in these financial statements to conform to current year presentation.
•The Protein Solutions segment includes businesses that provide solutions for initial stage processing and harvesting of animal proteins, primarily focusing on poultry, pork, fish, and beef.
•The Prepared Food and Beverage Solutions segment includes businesses that offer solutions predominantly for downstream value-added preparation, preservation, and packaging of foods and beverages into ready to eat or drink products. This segment will also include capabilities for pet food, dairy, bakery, pharmaceutical and nutraceutical, and warehouse automation end markets.
The Company's Chief Executive Officer is the CODM, who assesses the segments’ performance using each segment’s Adjusted EBITDA. The CODM is not regularly provided with and does not evaluate the segments by using each segment’s total assets and therefore, each segment’s total assets are not disclosed.
Segment profitability measures and significant expenses
The following tables present financial information for the Company's reportable segments and significant expenses regularly provided to the CODM:
| Year Ended December 31, 2025 | |||||||||||||||||
| (In millions) | Protein Solutions | Prepared Food and Beverage Solutions | Total | ||||||||||||||
| Revenue | $ | 1,716.2 | $ | 2,082.0 | |||||||||||||
Less: | |||||||||||||||||
| Cost of sales | 1,087.9 | 1,375.7 | |||||||||||||||
| Research and development | 75.6 | 36.8 | |||||||||||||||
Other segment items(1) | 326.3 | 432.2 | |||||||||||||||
Add: | |||||||||||||||||
| Depreciation and amortization | 118.3 | 121.4 | |||||||||||||||
| Segment Adjusted EBITDA | $ | 344.7 | $ | 358.7 | $ | 703.4 | |||||||||||
Less: | |||||||||||||||||
| Interest (income) | (11.1) | ||||||||||||||||
| Interest expense | 114.4 | ||||||||||||||||
| Other (income) | (10.6) | ||||||||||||||||
| Loss on investment | 10.6 | ||||||||||||||||
| Pension expense, other than service cost | 148.5 | ||||||||||||||||
| Restructuring related costs | 30.7 | ||||||||||||||||
| M&A related costs | 114.5 | ||||||||||||||||
| Depreciation and amortization | 266.2 | ||||||||||||||||
| Unallocated amounts: | |||||||||||||||||
Corporate expense(2) | 103.0 | ||||||||||||||||
| Income from continuing operations before income taxes | $ | (62.4) | |||||||||||||||
| Capital expenditures | $ | 103.6 | |||||||||||||||
(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business.
(2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.
| Year Ended December 31, 2024 | |||||||||||||||||
| (In millions) | Protein Solutions | Prepared Food and Beverage Solutions | Total | ||||||||||||||
| Revenue | $ | 168.7 | $ | 1,547.3 | |||||||||||||
Less: | |||||||||||||||||
| Cost of sales | 92.0 | 997.5 | |||||||||||||||
| Research and development | 3.2 | 17.7 | |||||||||||||||
Other segment items(1) | 29.6 | 304.3 | |||||||||||||||
Add: | |||||||||||||||||
| Depreciation and amortization | 13.6 | 73.4 | |||||||||||||||
| Segment Adjusted EBITDA | $ | 57.5 | $ | 301.2 | $ | 358.7 | |||||||||||
Less: | |||||||||||||||||
| Interest (income) | (23.7) | ||||||||||||||||
| Interest expense | 19.4 | ||||||||||||||||
| Pension expense, other than service cost | 27.3 | ||||||||||||||||
| Restructuring related costs | 1.4 | ||||||||||||||||
| M&A related costs | 85.9 | ||||||||||||||||
| Depreciation and amortization | 89.4 | ||||||||||||||||
| Unallocated amounts: | |||||||||||||||||
Corporate expense(2) | 63.6 | ||||||||||||||||
| Income from continuing operations before income taxes | $ | 95.4 | |||||||||||||||
| Capital expenditures | $ | 37.9 | |||||||||||||||
(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business.
(2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.
| Year Ended December 31, 2023 | |||||||||||||||||
| (In millions) | Protein Solutions | Prepared Food and Beverage Solutions | Total | ||||||||||||||
| Revenue | $ | 187.8 | $ | 1,476.6 | |||||||||||||
Less: | |||||||||||||||||
| Cost of sales | 108.5 | 970.2 | |||||||||||||||
| Research and development | 4.9 | 15.7 | |||||||||||||||
Other segment items(1) | 30.6 | 287.2 | |||||||||||||||
Add: | |||||||||||||||||
| Depreciation and amortization | 13.9 | 74.0 | |||||||||||||||
| Segment Adjusted EBITDA | $ | 57.7 | $ | 277.5 | $ | 335.2 | |||||||||||
Less: | |||||||||||||||||
| Interest (income) | (13.4) | ||||||||||||||||
| Interest expense | 24.3 | ||||||||||||||||
| Pension expense, other than service cost | 0.7 | ||||||||||||||||
| Restructuring related costs | 11.4 | ||||||||||||||||
| M&A related costs | 6.0 | ||||||||||||||||
| Depreciation and amortization | 91.3 | ||||||||||||||||
| Unallocated amounts: | |||||||||||||||||
Corporate expense(2) | 61.8 | ||||||||||||||||
| Income from continuing operations before income taxes | $ | 153.1 | |||||||||||||||
| Capital expenditures | $ | 55.1 | |||||||||||||||
(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business.
(2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.
Geographic segment information
Geographic segment sales were identified based on the location where the Company’s products and services were delivered.
| Year Ended December 31, | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenue (by location of customers): | |||||||||||||||||
| United States | $ | 1,438.9 | $ | 932.3 | $ | 949.3 | |||||||||||
| All other countries | 2,359.3 | 783.7 | 715.1 | ||||||||||||||
| Total revenue | $ | 3,798.2 | $ | 1,716.0 | $ | 1,664.4 | |||||||||||
Geographic segment long-lived assets include property, plant and equipment, net and certain other non-current assets.
| Year Ended December 31, | |||||||||||
| (In millions) | 2025 | 2024 | |||||||||
| Long-lived assets: | |||||||||||
| United States | $ | 316.9 | $ | 232.7 | |||||||
| Netherlands | 206.8 | 4.3 | |||||||||
| All other countries | 398.3 | 100.3 | |||||||||
| Total long-lived assets | $ | 922.0 | $ | 337.3 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.